Is Dogecoin About to Crash? Elon Musk "Runs Away with His Money", Investors Hold Their Breath Waiting for the Collapse

Dogecoin has once again become the center of attention—this time not due to a bullish surge driven by memes, but because of fears of a catastrophic collapse. As June 2025 begins, several red flags are flashing on the charts and recent headlines regarding Elon Musk stepping away from his role in the Trump administration's "DOGE" initiative only add fuel to the fire. Is this the beginning of a fall in Dogecoin's price, or is the market simply overreacting? Dogecoin Fall: What Does the Chart Say?

Dogecoin is currently trading at $0.19009, a dangerous level close to key support areas. On the daily chart, DOGE has broken below both the 20-day and 50-day moving averages, at $0.22253 and $0.19578, respectively. More concerning is the level close to the 100-day SMA ($0.18874). If this level cannot hold, the next psychological and technical support will be near $0.150, a 21% fall from the current level.

The hourly chart confirms this bearish sentiment. The price of DOGE has been on a steady decline since May 29, forming lower highs and lower lows. The price is capped below all major moving averages (20, 50, 100, and 200 SMA), with strong resistance around $0.195 and $0.207. Short-term momentum remains weak and any intraday recoveries are being sold off. Let's analyze this based on the data: From the resistance level of $0.207 to $0.190 = fall -8.21%. If the price of Dogecoin breaks the support level of $0.188, the possibility of falling to $0.150 means a fall of ~21%. From the current price to $0 = theoretically a loss of -100%, it sounds extreme, but the structure does not deny a strong bearish trend. Dogecoin price prediction: Why is Elon Musk's departure a big deal? On Thursday night, Elon Musk suddenly announced he would resign as chief advisor to the Government Efficiency Department (DOGE)—a Trump initiative referring to Dogecoin. Although the connection between real DOGE and this political appointment has always been a joke, the cryptocurrency market does not always differentiate between satire and sentiment. For a coin like Dogecoin, where much of its value depends on sentiment and is closely tied to Musk's personality, this departure is not just symbolic. It removes an important bullish catalyst. Every time Musk tweeted about DOGE in the past, the price surged afterward. Without him in the story, investor confidence is clearly fading. Can technical and psychological factors combine to push the price of DOGE down to 0? Technically, a complete collapse to 0 is impossible unless there is a protocol error, a legal ban, or a large wave of delistings. However, a drop of 60–80% from here is possible under extreme bearish pressure. If the price of DOGE loses the support level of $0.150, the next major support level is at $0.10, followed by $0.05 — a level not seen since the beginning of 2023. This is supported by Fibonacci extensions based on the chart. Using the high of $0.45 and the recent low of $0.15, the 1.618 extension will reach around $0.05, adding weight to the bearish argument. Moreover, social media interest in DOGE is gradually declining. According to Google Trends, search interest for Dogecoin's price has decreased by more than 70% since April 2025. Volume on Binance has dropped nearly 40% over the past 10 days. These are signs that demand is running out—never a good omen for a speculative asset. Dogecoin Price Prediction: Will Dogecoin's price fall sharply in June? The odds are against the price of Dogecoin in June 2025. The chart clearly shows a bearish trend, with key supports weakening, and Musk—the lifeblood of Dogecoin's hype—has stepped away from the narrative phase. A complete collapse to 0 is still unlikely without catastrophic news, but technically, a drop to $0.10 or even $0.05 is within reach if support at $0.188 and $0.150 fails. Currently, cautious traders are advised to stay out or consider short positions with reasonable risk management. As the memes fade and the fundamentals remain weak, Dogecoin may return to where it started— hype without support.